Almost 90% of marketers use data from third parties to improve their audience understanding, and around 40% of brands use data-driven marketing strategies. Data can make your marketing tactics productive and accurate.
When using data to make decisions, marketers can make evidence-based predictions. They can foresee customer concerns and make strategic improvements to the customer experience.
Here are some data-driven strategies to grab customers’ attention and achieve desired results.
Why Is Data-Driven Marketing Important?
The present business is data-centric, and the stakeholders directly related to the business development ensure that they make the best use of data to stay ahead in the competitive landscape. With the help of data-driven marketing, the organization can procure the right information, which helps drive in with the right strategies. However, in this section, we discuss some of the key importance of data-driven marketing. So, let us get started with the discussion.
Helps Reachihg, The Right People
As a business owner, you convert the leads to business and help establish long-term business relationships with them. With repetitive buying, you can open up wider business relationships.
Lots of data marketers, we mean the successful ones, can use the information to learn about the buyer’s personality and pain points. With the help of online marketing analytics, understanding the customers becomes easy and convenient.
Data Driven Marketing Is The Future!
Different studies say that data-driven marketing helps a company strengthen its return on investment. With the help of it, the business organizations can gain the attention of the prospective customers. Looking at the efficacy of data-driven marketing, more and more companies are taking the help of it and reaping the benefits in the future.
It Helps You See What Is Working For You
With the help of data-driven marketing, organizations can provide an unbiased assessment of their performance. It helps pinpoint the areas in marketing where the organizations have to work persistently. You will no longer have to waste your resources on the tactics in marketing. This analytics will help you better use your resources.
The Data-Driven Marketing Strategies That Rocks!
This is the age of making business decisions with the use of data. Data-driven marketing strategies are a proven pathway to achieving a competitive edge in this market. However, in this section, we discuss some of the strategies.
Audience segmentation
Segmenting your audience base is a key data-driven strategy. It also helps with social media and email marketing, among other aspects.
To ensure targeted messaging, you need to define various consumer groups within a segment that are not equal. You can differentiate your audience based on age group or location, for example. If you’d like to segment them based on location, zip data maps enable an analysis of data about US zip codes. Businesses use this analysis to make comparisons and define territories. It allows for a more exact analysis as the most granular dataset.
You can do a comparison analysis by connecting data to zip code boundaries and then performing a regional map analysis. You might want to see how many men aged 25-40 there are or the sales volume within a zip code.
Many businesses build their service and sales territories on zip codes because partitioning a territory is easiest that way.
Reach out to geographic information system (GIS) mapping professionals to complete your zip code mapping project if you don’t have time for this yourself. They are experts in data integration and mapping software.
Establish Data-Driven Marketing Metrics.
People use a wide range of metrics in marketing, but the basic ones are Customer Lifetime Value (CLTV), Customer Acquisition Cost (CAC), the percentage of marketing over CAC, and the time to pay back CAC. CLTV tells you the total value a customer brings your company. CAC lets you know if the money you spend to acquire customers is worth it. You learn whether they are bringing value or the acquisition cost is depleting your profit.
The marketing over CAC percentage refers to the investment made in marketing to acquire a customer. It tells you whether your acquisition model is efficient.
Finally, the time to pay back is the period the business needs to recover from the investment in customer acquisition. It helps one understand whether the customers are profitable.
Use predictive analysis
Predictive analytics help businesses identify behavior patterns in customer data, which provide insight into whether customers will convert. This analysis is done using machine learning techniques and statistical algorithms to determine the customer’s future behavior.
Data-based budgeting
According to a study on 2,000 global marketers by Nielsen, participants were inclined to feel more confident about their budget decisions by utilizing the marketing mix model and multitouch attribution, two data-driven strategies. The former measured the effectiveness of offline and online channels using past performance data, while the latter deployed individual-level data to calculate and assign credit to marketing approaches. This allows marketers to optimize campaigns dynamically based on the most current and accurate metrics.
DoorDash makes budgets based on previous data. They allocate budgets to marketing campaigns using a machine learning platform and publish bids to partners. This helps them optimize spending depending on conversion rates, tweak and monitor performance, lower marketing costs, and account for seasonal changes and peculiarities without any change in their customer reach.
Apply Data For Retargeting
Few customers convert with the very first visit, which makes retargeting a lucrative data-driven marketing strategy. It gives a business a second and a third chance to make a positive impression. The strategy targets people who showed interest in an ad or visited the business’s website. Their data is used to bring products or services to their attention through social media or email marketing. Studies show that recipients of personalized emails, such as ones with their name in the subject line, are 26% more likely to click on them.
Social Media Listening
One final data-driven marketing strategy worth mentioning is social media monitoring and listening. It lets businesses know what people are saying about their products, competitors, and industry. It also helps B2B platforms find creators to promote their offerings.
Additionals:
- What Feature Can Join Offline Business Systems Data With Online Data Collected By Google Analytics?
- Why You Need A Product Management System For Your Business
- Python Web Scraping Is Bound To Skyrocket Your Business
- Top 15 Social Media Analytics Tools For Marketers
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